PROJECT REPORT

Submitted for the Degree of B.Com. Honours in Accounting &

Finance
University of Calcutta

Title of the Project

A Study On Mutual Fund : Comparison Between Equity
And Debt Fund

Submitted by
Name of the candidate: Sourav Pal
Registration No:431-1114-0349-20
Name of the college: Lalbaba College
College Roll: 20200564

Supervised by
Name of the supervisor: Amit Mitra
Name of the College: Lalbaba College

Month & Year of Submission: June, 2023

 ACKNOWLEDGEMENT

I am thankful to all faculty members, providing their valuable time and guidance elaborating view of studying
the project details and getting the right vision for its implementation.

I pay my immense gratitude to prof. Amit Mitra faculty of Lalbaba College for his continuous and deliberate
discussion on the topic and indeterminable burden taken by his in helping me throughout conducting the
project.

Last but not the least I am grateful to all our family members and friends for being our side always. Without
their help and motivation, it would have been impossible to complete this project.
Annexure- IA

SUPERVISOR'S CERTIFICATE

This is to certify that Mr. Sourav Pal a student of B.com. Honours in accounting & finance Lalbaba college
under the university of Calcutta has worked under my supervision and guidance for his project work and
prepared a project report with the title A Study On Mutual Fund : Comparison Between Equity And Debt
Fund
Which he is submitting, is his genuine and original work to the best of my knowledge.

Place: Belur, Howrah Signature:

Date: Name: Amit Mitra
Designation: SACT
Name of the College: LALBABA College
Annexure- IB

STUDENT DECLARATION

I hereby declare that the Project Work with the title A Study On Mutual Fund : Comparison Between
Equity And Debt Fund .

submitted by me for the partial fulfilment of the degree of B.Com. Honours in Accounting & Finance under
the University of Calcutta is my original work and has not been submitted earlier to any other University
/Institution for the fulfilment of the requirement for any course of study.

I also declare that no chapter of this manuscript in whole or in part has been incorporated in
this report from any earlier work done by others or by me. However, extracts of any literature which has been
used for this report has been duly acknowledged providing details of such literature in the references.

Signature:
Name: Sourav Pal
Date: Address: Malia, Hooghly
Registration No: 431-1114-0349-20
 TABLE OF CONTENTS

Chapter no Particulars Page no

1 Introduction 1
 Basic Concept 2-3
 Review of Existing Literature 4
 Need of the study 5
5
 Objectives of the study
5-6
 Research Methodology
6
 Limitation of the study 6
 Chapter Planning

2 Conceptual Framework 7
 Mutual Fund 8
 Some Key Features of a Mutual Fund are as
Follows 8
 Benefits of Mutual Funds 8
 Classification of Mutual Funds based on maturity
periods 9
 National scenario of Mutual Fund in India 9
 International scenario of Mutual Fund 10
10-11
 Based on Investment Objectives or Asset Class
11-12
 Important Key Words Related to Mutual Funds
12-15
 The Selected AMC’s in India

3 Presentation, Data analysis and Findings 16-33

4 Conclusion 33

5 Recommendation and Bibliography or References 34

 CHAPTER 1
INTRODUCTION

[1]
INTRODUCTION
The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative
of the Government of India and Reserve Bank of India. The history of mutual funds in India can be broadly
divided into four distinct phases

1. First Phase - 1964-1987

Unit Trust of India (UTI) was established in 1963 by an Act of Parliament. It was set up by the Reserve Bank
of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978
UTI was de-linked from the RBI and the Industrial Development Bank of India(IDBI) took over the regulatory
and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the
end of 1988 UTI had Rs. 6,700 crore of assets under management.

2. Second Phase - 1987-1993 (Entry of Public Sector Funds)

1987 marked the entry of non-UTI, public sector mutual funds set up by public sector banks and Life Insurance
Corporation of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was the first
non-UTI Mutual Fund established in June 1987 followed by Can bank Mutual Fund (Dec 87), Punjab National
Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda
Mutual Fund (Oct 92). LIC established its mutual fund in June 1989 while GIC had set up its mutual fund in
December 1990.At the end of 1993, the mutual fund industry had assets under management of Rs. 47,004
crores.
3. Third Phase - 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era started in the Indian mutual fund industry, giving the
Indian investors a wider choice of fund families. Also, 1993 was the year in which the first Mutual Fund
Regulations came into being, under which all mutual funds, except UTI were to be registered and governed.
The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund
registered in July 1993.

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual
Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations in 1996.

The number of mutual fund houses went on increasing, with many foreign mutual funds setting up funds in
India and also the industry has witnessed several mergers and acquisitions. At the end of January 2003, there
were 33 mutual funds with total assets of Rs. 1, 21,805 crores. The Unit Trust of India with Rs. 44,541 crore
of assets under management was way ahead of other mutual funds.

4. Fourth Phase - Since February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two
separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under management
of Rs. 29,835 crores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured
return and certain other schemes. The Specified Undertaking of Unit Trust of India, functioning under an
administrator and under the rules framed by Government of India and does not come under the purview of the
Mutual Fund Regulations.

[2]
The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and
functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile UTI which had in March
2000 more than Rs. 76,000 crore of assets under management and with the setting up of a UTI Mutual Fund,
conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place among different
private sector funds, the mutual fund industry has entered its current phase of consolidation and growth.

Parties Involved in Mutual Funds

SEBI It is the governing authority of stock market. Mutual funds legal framework is
regulated by SEBIs guidelines.

INVESTORS Investor is another speculator (who takes on high risks for high rewards) but one
whose primary objective are to safeguard the principle investment, a steady
income and capital appreciation.
TRUSTEES The mutual fund has been formed as a public trust and trustees manage the trust.
They are primarily accountable for protecting the interest of mutual fund
investors.
ASSET SEBI approved asset management company manage the
MANAGEMENT fund by making investment in various types of securities. It manages the
COMPANY investment portfolios o the schemes and handles various other routine activities
incidental to the mutual fund business. Its income comes from the management
fees it charges for schemes it manages.
DISTRIBUTORS They earn commission for bringing in investors into the schemes of mutual fund.
This commission is an expense for the schemes
REGISTERS An investor holding in mutual fund schemes is typically followed by the schemes
RTA (Registrar and transfer Agent). Some AMC‟s prefer to handle it in house.
CUSTODIAN/ As the name suggests, a custodian of the securities preserves the custody of the
DEPOSITORY securities in which the scheme invests. Therefore, for an investment transaction
of mutual fund, custodian receives or gives delivery

[3]
 REVIEW OF EXISTING LITERATURE

1.(Dr.K.M.Sudha, 2020) Conducted research on “Comparative Study on Selected Mutual Fund”. The
objective of the study is to comparative performance analysis fir selected mutual funds for five years and also
risks and returns of mutual funds. This study evaluates the analysis of returns that takes place for five years
and their volatility based on investment. The sources of data are secondary data. The tools used for analysis
are simple average method and standard deviation method and simple comparative analysis method and
ranking method. The findings that is not advisable to invest equity fund category as the market undergoing
fluctuations asset components are subject to high risk.

2. (Shivam Tripathi, Dr. Gurudutta P. Japee, March 2020) Conducted research on “Performance
Evaluation of Selected Equity Mutual Funds in India’’. The objective of the study to know whether mutual
funds give reward to changeability and unpredictability and also identify security market return with fund
return. The data are secondary data is gathered from different sources like factsheets of different AMC’s and
historical NAV and yearly return. The statistical tools Jenson’s alpha, beta, standard deviation and Sharpe
ratio. The performance analysis of the selected 15 equity funds and clearly identified that the 10 funds are
performed well and 5 are not during the study. The findings of the study the volatility in the market are changes
in the performance of the various stocks.

3. (Anuja Magdum, March 2019) Conducted research on “A Comparative study on Mutual Fund
Schemes of Selected AMC's in India”. The objective of this research is that to provide better returns for the
schemes promised by AMC’s and compare the mutual fund schemes of selected public and private sector
AMC’s in India. The data collected for the study is to consider the 5 years and for comparison 4 AMC’s with
each other. For a risk free return fixed deposit rate are used and the data are collected from the yahoo finance,
AMFI website and value research website. The methodology used in this research is beta and CAGR. The
study has investigated the performance of equity-based MF schemes in India and the private sector can better
performed compare to the public sector.

4. (Dr. Nidhi Sharma, Feb, 2019) Conducted research on “Performance Analysis of Mutual Funds: A
Comparative Study of the Selected Hybrid Mutual Fund Schemes in India”. The objective of the study
is to measure and compare the performance of the select hybrid mutual fund schemes in India. The selection
of hybrid schemes is based on top 10 ranking given by CRISIL and that rank based on the NAVs of the
schemes. The data are used is primary data and tools used in this study are NAV, average return, beta, R-
square and standard deviation.

[4]
Need For The Study
 The main purpose of doing this project to know about mutual fund and its functioning. This helps to
know the detail of mutual funds industry from its inception stage, growth and future prospects.

 It also helps in understanding different schemes of mutual funds, my study is based on comparative
analysis of Mutual Fund ( Among Equity Funds,,I have compared some funds ) and ( Among Debt
funds,I have compared some funds ).

 Mutual fund is one of the most desirable investments for small investors because they offer the
opportunity to invest in relatively low-cost, diverse and professionally managed investments.

 The recent trend in the mutual fund industry is the active expansion of foreign investment fund
companies and the reduction of state-owned banks and small private companies. The growth and
development of various investment fund products in Indian capital markets has proven to be one of the
most catalytic tools to promote capital market growth.

Objectives Of The Research

 To analyze that which of selected mutual funds provide better return at lower the risk.
 To do comparative analysis of selected mutual fund schemes.
 To analyse risk and return of different schemes of mutual fund.
The mutual fund schemes are comparing to all the five selected fund to know the performance of the schemes
and also know which mutual fund is providing the better return for the investor during the five years.

RESEARCH METHODOLOGY
1.Sample Design
The research is based on the descriptive type of research design used in this research project.

2.Sources of Data
The sources of data are collected from the based on the secondary data. Data are collected through online
sources like NSE, BSE, and Money control, ET Money, Fin cash and Morning Star etc.

3. Data collection
Secondary data has been used for this research, collected from various research papers. The study considers
the period of 5 years from 2018 to 2022.

4. Tools and Techniques

Statistical tools and techniques used in this study is Alpha, Beta, standard deviation, Sharpe ratio to measures
volatility of returns: -
a. Standard Deviation
b. Sharpe ratio

[5]
5. Sample Size
For this study 5 AMC’s have been selected.
1. ICICI Prudential Mutual Fund
2.HDFC Mutual Fund
3.Aditya Birla Sun Life Mutual Fund
4. Nippon India Mutual Fund
5. SBI Mutual Fund

LIMITATION OF THE STUDY

1.lack of co-operation and shortage of time.
2.Lack of awareness of mutual fund.
3. Lack of data due to problems of collection from direct investor.
4.Restriction of the organization.

CHAPTER PLANNING
The study is divided into following chapters with reference:
1. Introduction

2. Conceptual Framework

3.Presentation, Data Analysis and Findings

4.Conclusion and Recommendation

5.Bibliography or References

[6]
 CHAPTER 2
CONCEPTUAL FRAMEWORK

[7]
1.Mutual Fund

A mutual fund is a type of professionally managed investment fund that pools money from many investors to
purchase securities such as stocks, bonds, money market instruments and other assets. Mutual funds are
operated by professional money managers, who allocate the fund's investments and attempt to produce Capital
gains and/or income for the fund's investors.

Some Key Features of a Mutual Fund are as Follows

 Professional Management
Each fund’s investments are chosen and monitored by qualified professionals who use this money to create a
portfolio. That portfolio could consist of stocks, bonds, money market instruments or a combination of all of
these.

 Fund Ownership
An investor owns shares of mutual fund, not the individual secures. Mutual funds permit the investors to invest
small amounts of money. The pool can be used to buy even those securities which would have been out of
reach of a common individual investor. Thus investors in mutual funds benefit from being involved in a large
pool of cash invested by other people.

 Diversified Investment
Mutual funds have a diversified investment portfolio which helps in minimizing the risk as the fluctuation in
prices of the individual securities has less effect on the fund’s performance.

2. Benefits of Mutual Funds

 Risk Diversification
Mutual funds help to diversify the risk associated with the securities, because overall risk of the particular
mutual fund is proportionately divided among all the unit holders of mutual fund.

 Operated by Professional Manager

Mutual funds are kept and operated by the professional managers who are professional in this particular field
so the unit holders enjoy the professional Operation on these mutual funds.

 Passive Investment Style

Mutual fund is a passive investment style in which the owners of the unit holders do not participate directly
but they keep these units passively. They don’t need to participate directly they only have to purchase the units
and keep them in passive way.
[8]
3. Classification of Mutual Funds Based on Maturity Period

 Open-Ended Funds:
An open ended fund is a fund that is available for subscription and can be redeemed on a continuous basis. It
is available for subscription throughout the year and investors can buy and sell units at NET ASSET VALUE
(NAV) related prices. These funds do not have a fixed maturity date. The key feature of an open-ended fund
is liquidity.

 Close-Ended Funds:
A close ended fund is a fund that has a defined maturity period, for example 5-7 Years. These funds are open
for subscription for a specified period at the time of initial launch. These funds are listed with a recognized
stock exchange.

 Exchange Traded Funds:

Exchange traded funds combine the features of open-ended and close-ended funds. These funds may trade on
stock exchanges and are open for sale or redemption at predetermined intervals on the prevailing NET ASSET
VALUE (NAV).

 Unit Investment Trusts:

UTIs are also issued to the public only once when they are created. They have a fixed maturity period and a
fixed portfolio of securities which is determined at the time of creation.

4.National Scenario of Mutual Funds in India

Average Assets Under Management (AAUM) of Indian Mutual Fund Industry for the month
of April 2023 stood at ₹ 41,52,715 crore.
Assets Under Management (AUM) of Indian Mutual Fund Industry as on April 30, 2023 stood at ₹ 41,61,822
crore.

The AUM of the Indian MF Industry has grown from ₹ 8.26 trillion as on April 30, 2013 to ₹41.62 trillion as
on April 30, 2023 more than 5 fold increase in a span of 10 years.

The MF Industry’s AUM has grown from ₹ 23.26 trillion as on April 30, 2013 to ₹41.62 trillion as on April
30, 2023, around 2 fold increase in a span of 5 years.

The Industry’s AUM had crossed the milestone of ₹10 Trillion (₹10 Lakh Crore) for the first time in May
2014 and in a short span of about three years, the AUM size had increased more than two folds and crossed ₹
20 trillion (₹20 Lakh Crore) for the first time in August 2017.
The AUM size crossed ₹ 30 trillion (₹30 Lakh Crore) for the first time in November 2020.

The mutual fund industry has crossed a milestone of 10 crore folios during the month of May 2021. The
Industry AUM stood at ₹41.62 Trillion (₹ 41.62 Lakh Crore) as on April 30, 2023.

The total number of accounts (or folios as per mutual fund parlance) as on April 30, 2023 stood at 14.64 crore
(146.4 million), while the number of folios under Equity, Hybrid and Solution Oriented Schemes, wherein the
maximum investment is from retail segment stood at about 11.69 crore (116.9 million).

[9]
5.International Scenario of Mutual Funds
International Scenario of Mutual Funds has been examined considering the growth and Trends
of resource mobilization as well as increase in number of Mutual Funds at global level.
The global mutual fund assets market size was valued at $54.93 trillion in 2019, and is projected to reach
$101.2 trillion by 2027, growing at a CAGR of 11.3% from 2020 to 2027.
A mutual fund is one of the most preferred investment alternatives for small investors in the market.

If we see the position of BSE Senex as compared to other major indexes in the world then we find that BSE
has been the best performer.

This is the major factor which has contributed to mutual fund emerging as a great investment vehicle for
every category of investors and made mutual fund one of the most preferable way to generate return.

Since last six years mutual fund industry has accomplished Compound Growth Rate at global level. This
shows a tremendous growth of Mutual Fund industry throughout the world.

Mutual fund invest in equity of various companies for long time and long investment in equities can help
investors in generating good returns If we look the graph then we can say that equities have the potential to
deliver good return if we invest for long term.

6.Based on Investment Objectives or Asset Class

 Equity/Growth Funds
Equity funds invest minimum 65% of its corpus in equity and equity related securities. These funds may invest
in a wide range of industries or focus on one or more industry sectors. These types of funds are suitable for
investors with a long-term outlook and higher risk appetite.
Types of Equity Funds:
a) Large Cap Fund:

An open ended equity schemes predominantly investing in large cap stocks. The minimum investment in
equity and equity related instruments of large cap companies shall be 80 % of total asset.

b) Mid Cap Fund:

An open ended equity schemes predominantly investing in mid cap stocks. The minimum investment in equity
and equity related instruments of large cap companies shall be 65 % of total asset.

c) Small Cap Fund:

An open ended equity schemes predominantly investing in small cap stocks. The minimum investment in
equity and equity related instruments of large cap companies shall be 65 % of total asset.
d) Multi Cap Fund:

An open ended equity scheme investing in across large cap, mid cap, small cap stocks. The minimum
investment in equity and equity related instruments of large cap companies shall be 65 % of total asset.
e) ELSS (Equity linked saving schemes):

[10]
An open ended equity linked saving schemes with a statutory lock in of 3 years and tax benefit. The minimum
investment in equity and equity related instruments shall be 80 % of total asset.

 Debt/Income Funds:
Debt/income funds generally invest in securities such as bonds, corporate debentures, government securities
and money market instruments. These funds invest minimum 65% of their corpus in fixed income securities.
By investing in debt instruments, these funds provide low risk and stable income to investors with preservation
of capital. These funds tend to be less volatile than equity funds and produce regular income.

Types of Debt Fund:

a) Low Duration Fund:

An open ended low duration debt scheme investing in debt and money market instruments Macaulay duration
between 6 months and 12 months.
b) Short Duration Fund:

An open ended short term debt scheme investing in debt and money market instruments having maturity up
to 1 year.

c)Ultra Short Duration Fund:

An open ended Ultra-Short term debt schemes investing in debt and money market instruments with Macaulay
duration between 3 months and 6 months.
d)Medium to Large Duration Fund:

An open ended medium term debt scheme investing in debt and money market instruments with Macaulay
duration between 4 years and 7 years. Portfolio Macaulay duration greater than 7 years.
e) Money Market Fund:
An open ended debt scheme investing in money market instruments having maturity up to 1 year.
f) Liquid Fund:

An open ended liquid scheme whose investment is into debt and money market securities with maturity of up
to 91 days only.

7.Important Key Words Related to Mutual Funds

 NAV:
Net asset value refers to the total value of the related mutual fund scheme. It shows the overall value which
may vary everyday as per the changes in the market.

 Units:
The value of mutual fund is divided into units as per the number of persons it is sold. The value of each unit
changes every day.

 Unit Holder:

[11]
The investor who purchases the units of mutual funds is called unit holder. He/she may keep as many units as
he/she wants.

8. The Selected AMC’s in India

8.1ICICI Prudential Asset Management Company
ICICI Prudential mutual fund is the second largest asset management company in India. ICICI prudential
mutual fund was established in 1993.

Type Public
Industry Mutual Fund
Founded 1993
Headquarters Mumbai,India
Area Served India
Key People Mr.Nimesh Shah (MD & CEO)
Mr. S. Naren (Chief Investment Officer)
Mr. Rahul Goswami (Chief Investment Officer - Fixed Income)
Products Mutual Fund, Portfolio Management Services, Advisory Services, Real Estate
Investments
AUM Rs.48,808,084.50 Cr. (As of the end of last quarter)
Number of employees 3072 (31/03/2023)

8.2 HDFC Asset Management Company

HDFC provides mutual fund services through its subsidiary HDFC Asset Management accounting Limited.
The average Assets Under Management (AUM) of HDFC Mutual Fund for the quarter January to March was
Rs.44,479,627.40 Cr.

Operations HDFC's distribution network spans 7821 branches across 3811 cities in India. To cater to Non-
Resident Indians, HDFC has offices in London, Singapore and Dubai and service associates in Middle East
countries.

[12]
8.3 Aditya Birla Sun Life AMC Limited

Formerly known as Birla Sun Life Asset Management Company, this fund house is the 6th largest in terms
of the AUM size.

Presently it is known as Aditya Birla Sun Life (ABSL) Asset Management Company Ltd. It is a joint venture
between the Aditya Birla Group in India and Sun Life Financial Inc of Canada. It was set up as a joint venture
in 1994.

8.4 Nippon Life Assets Management

With Assets under Management of approximately Rs.29,280,257.02 Cr., Reliance Mutual Fund is one of
India’s leading mutual fund companies.
A part of Reliance Anil Dhirubhai Ambani (ADA) Group, Reliance Mutual Fund is one of the fastest growing
AMCs in India.

Reliance Capital Limited (RCL) is the sponsor and Reliance Capital Trustee Co. Limited is the trustee of
Reliance Mutual Fund (RMF). It was registered on June 30, 1995. Reliance Mutual Fund was originally
Reliance Capital Mutual Fund and changed its name in 2004.

[13]
8.5 SBI Fund Management Pvt. Ltd

SBI Funds Management Pvt. Limited is a joint venture between the State Bank of India (SBI) and financial
services company Amundi, a European Asset Management company in France. It was launched in 1987.
Mr.Shamsher Singh is the Managing Director and CEO.
In 2013, SBI Fund Guru, an investor education initiative was launched.

Equity Funds
ICICI HDFC Mutual ABSL Mutual Nippon India SBI Mutual
Prudendial Fund Fund Mutual Fund Fund
Mutual Fund
Large Cap ICICI HDFC Top 100 Aditya Birla Nippon India SBI Bluechip
Prudential Fund Sun Life Large Cap Fund
Bluechip Fund Frontline Fund
Equity Fund
Mid Cap ICICI HDFC Mid- Cap Aditya Birla Nippon SBI Magnum
Prudential Opportunities Sun Life Mid Growth Fund Midcap Fund
Midcap Fund Fund Cap Fund
Multicap ICICI HDFC Flexi Cap Aditya Birla Nippon Multi SBI Magnum
Prudential Fund Sun Life Cap Fund MultiCap Fund
Multicap Fund Equity Fund
Small ICICI HDFC Small Cap Aditya Birla Nippon Small SBI Small Cap
Cap Prudential Fund Sun Life Small Cap Fund Fund
Small Cap Cap Fund
Fund
ICICI HDFC Tax Saver Aditya Birla Nippon Tax SBI Long
Prudential Fund Sun Life Tax Saver Fund Term Equity
ELSS Long Term Relief 96 Fund
Equity Fund
(Tax Saving)

[14]
 Debt Funds
Low Duration ICICI HDFC Low ABSL Low Nippon Low SBI Magnum
Fund Prudential Duration Fund Duration Fund Duration Fund Low Duration
Savings Fund Fund
Short ICICI HDFC Short ABSL Short Nippon Short SBI Short
Duration Prudential Term Debt Fund Term Term Fund Term Debt
Fund Short Term Opportunities Fund
Fund Fund
Ultra Short ICICI HDFC Ultra Short ABSL Savings Nippon Ultra SBI Magnum
Duration Prudential Ultra Term Fund Fund Short Duration Ultra Short
Fund Short Term Fund Duration Fund
Fund
Medium ICICI HDFC Medium ABSL Nippon India SBI Magnum
Duration Prudential Term Debt Medium Term Classic Bond Medium
Fund Medium Term Plan fund Duration Fund
Bond Fund
Money ICICI HDFC Money ABSL Money Nippon SBI Savings
Market Fund Prudential Market Fund Manager Fund Money Market Fund
Money Market Fund
Fund
Liquid Fund ICICI HDFC Liquid ABSL Liquid Nippon Liquid SBI Liquid
Prudential Fund Fund Fund Fund
Liquid Fund

[15]
 CHAPTER 3
PRESENTATION, DATA ANALYSIS AND FINDINGS

[16]
 A.Equity Funds
1.Large Cap Fund

Large Cap ICICI Prudential HDFC Top Aditya Birla Nippon SBI Blue
Fund Bluechip Fund 100 (Direct Sun Life India Chip
(Direct Plan- Plan-Growth) (Direct Plan- Large Cap Fund
Growth) Growth) Fund (Direct
(Direct Plan-
Plan- Growth)
Growth)
5years Returns 12.47% 12.15% 10.89% 13.14% 11.94%
Jension’s Alpha
2.26% 2.24% 0.77% 2.7% 0.38%
Beta 0.93% 0.99% 0.95% 1.01% 0.97%
Sharpe Ratio
1.05% 1.02% 0.96% 1.11% 0.99%
S.D 15.34% 16.63% 15.68% 17.05% 16.14%
NAV 76.45 774.70 387.02 63.29 72.02
AUM (In Rs Cr.) 35876.98 23191.78 21780.16 13432.32 35770.18
(Table no.1 Equity Large Cap Fund for the selected 5 AMC’s)
 5 years Return& NAV as per 12/05/2023
 Jension’s Alpha, Beta, Sharpe Ratio, S.D,AUM as per 30/04/2023

[17]
 0.18
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0
ICICI prudential bluechip Hdfc top 100 (direct Aditya birla sun life Nippon india large cap Sbi blue chip fund
fund (direct plan- plan-growth) (direct plan-growth) fund(direct plan-growth) (direct plan-growth)
growth)

fund 5years returns Jension’s alpha Beta Sharpe Ratio S.D

(Graph no. 1 Equity Large cap fund for the selected 5 AMc’s)

Interpretation
The table and chart are representing the large cap fund 5-year return, Alpha, Beta, Sharpe Ratio and SD of the
all 5 selected AMC’s.
In the all AMC’s the Nippon India Large Cap Fund provide better return.
The All AMC Beta is changing up and down on the basis of their Market value.

The Alpha value is depended on the prediction of the beta value. In this table the alpha goings to be in the
Positive area.

The Standard Deviation is high so the risk of the fund is higher. The Nippon India Large Cap fund is having
highly riskier compare to the other funds.

The Sharpe ratio of the Nippon India Large Cap Fund is better because the higher ratio is providing the better
for the investor.

2.Mid Cap Fund

Mid Cap ICICI HDFC Mid- Aditya Birla Nippon India SBI Magnum
Fund Prudential Cap Sun Life Mid Growth Fund Midcap Fund
Midcap Opportunities Cap Fund (Direct Plan - (Direct Plan -
Fund(Direct Fund (Direct (Direct Plan - Growth) Growth)
Plan -Growth) Plan -Growth) Growth)
5 Years Return 11.28% 13.47% 9.09% 15.33% 14.93%
Jension’s
Alpha 0.01% 1.81% -1.88% 0.99% 5.19%
Beta
0.92% 0.91% 0.9% 0.93% 0.85%

[18]
 Sharpe Ratio
1.29% 1.41% 1.19% 1.37% 1.59%
S.D
16.82% 16.53% 16.28% 16.65% 15.94%
NAV 183.63 115.11 509.76 2407.86 170.81

AUM (In.Rs 3662.45 36911.62 3525.69 14143.01 9370.28

Cr.)
(Table no.2 Return on Equity Mid Cap Fund for the selected 5 AMC’s)
 5 years Return& NAV as per 12/05/2023
 Jension’s Alpha, Beta, Sharpe Ratio, S.D,AUM as per 30/04/2023

0.2

0.15

0.1

0.05

0
ICICI Prudential Midcap HDFC Mid-Cap Aditya Birla Sun Life Mid Nippon India Growth SBI Magnum Midcap
Fund(Direct Plan - opportunities Fund Cup Fund (Direct Plan - Fund (Direct Plan - Fund (Direct Plan -
Growth) (Direct Plan -Growth) Growth) Growth) Growth)
-0.05

Fund 5 Years Return Jension’s Alpha Beta Sharpe Ratio S.D

(Graph no. 2 Equity Mid cap fund for the selected 5 AMC’s)

Interpretation
The Nippon India mid cap Growth fund is providing better return from the last 5 years.
The SBI Magnum Midcap fund alpha is better than the others.
The all AMC beta is changing up and down on the basis of their market value.
The HDFC and SBI are having Sharpe ratio is higher so that is the better performance fund or scheme.
The risk of this fund is the higher risk in ICICI and the less risk in SBI fund.

[19]
3.Small Cap Fund

ICICI HDFC Small Aditya Nippon SBI Small

Prudential Cap Fund (Direct Birla Sun India Small Cap Fund
Small Cap Fund Small Cap Plan -Growth) Life Small Cap Fund (Direct Plan
Fund(Direct Cap Fund (Direct Plan -Growth)
Plan -Growth) (Direct Plan -Growth)
-Growth)
5 Years Return 15.82% 14.15% 6.45% 17.8% 15.96%
Jension’s Alpha
7.35% 5.39% -2.24% 7.35% --------
Beta
0.8% 0.89% 0.89% 0.89% --------
Sharpe Ratio
1.82% 1.73% 1.29% 1.84% --------
S.D
16.12% 17.4% 17.33% 17.43% --------
NAV 61.48 95.88 60.44 108.62 130.14

AUM (In.Rs Cr.) 5036.0 15857.02 3034.07 26293.5 16592.33

(Table no. 3 Return on Equity Small cap fund for the selected 5 AMC’s)
 5 years Return& NAV as per 12/05/2023
 Jension’s Alpha, Beta, Sharpe Ratio, S.D,AUM as per 30/04/2023

20.00%

15.00%

10.00%

5.00%

0.00%
ICICI Prudential Small Cap HDFC Small Aditya Birla Sun Life Small Nippon India Small Cap SBI Small Cap Fund
Fund(Direct Plan - Cap Fund (Direct Plan - Fund (Direct Plan - (Direct Plan -Growth)
Growth) Growth) Growth)
-5.00%

5 Years Return Jension’s Alpha Beta Sharpe Ratio S.D

(Graph no. 3 Equity Small cap fund for the selected 5 AMC’s)

Interpretation
According to the table no. 3 and graph are representing that the better return is provided by the Nippon India
Small Cap Fund and at the same time the risk is high.

[20]
The higher the risk of ABSL and that fund provide less return compare to the other funds.
The HDFC, ABSL and Nippon are having same beta value.

The higher the Sharpe ratio is preferable so the Nippon is having the higher Sharpe ratio it is above 1.59% so
it is a market beating performance achieves by the Nippon fund.

4.Multi Cap Fund

Multi Cap Fund ICICI HDFC Flexi Aditya Birla Nippon India SBI Magnum
Prudential Cap Fund Sun Life Multi Cap Multi cap
Multicap (Direct Plan - Equity Fund Fund (Direct Fund (Direct
Fund(Direct Growth) (Direct Plan - Plan - Plan -
Plan -Growth) Growth) Growth) Growth)
5 Years Return 12.8% 14.27% --------- 13.92% 14.93%
Jension’s Alpha
-1.57% 4.45% --------- 2.7% 5.19%
Beta ---------
0.93% 1.0% 1.04% 0.85%
Sharpe Ratio ---------
1.1% 1.24% 1.34% 1.59%
S.D --------
15.8% 17.22% 17.74% 15.94%
NAV 526.87 1266.93 12.68 188.16 170.81

AUM (In.Rs Cr.) 7172.97 33221.69 3734.58 15087.68 9370.28

(Table no. 4 Return on Equity Multi cap fund for the selected 5 AMC’s)
 5 years Return& NAV as per 12/05/2023
 Jension’s Alpha, Beta, Sharpe Ratio, S.D,AUM as per 30/04/2023

20.00%

15.00%

10.00%

5.00%

0.00%
ICICI Prudential Multicap HDFC Flexi Cap Fund Aditya Birla Sun Life Nippon India Multi Cap SBI Magnum Multi cap
Fund(Direct Plan - (Direct Plan -Growth) Equity Fund (Direct Plan - Fund (Direct Plan - Fund (Direct Plan -
-5.00% Growth) Growth) Growth) Growth)

5 Years Return Jension’s Alpha Beta Sharpe Ratio S.D

(Graph no. 4 Equity Multi cap fund for the selected 5 AMC’s)

[21]
Interpretation
The above table and chart are prescribing the 5 years return and their alpha, beta, SD, Sharpe ratio.
The highest return provided by the SBI with less risk.
The higher risk is in the Nippon Multicar fund.
The SBI Sharpe ratio is high, so it is a Market beating performance achieves by the SBI fund.
The NAV and AUM are higher in and HDFC respectively.

5.ELSS (Equity Link Saving schemes)

ELSS ICICI HDFC Aditya Birla Nippon Tax SBI Magnum

Prudential Long TaxSaver Sun Life Tax Saver Fund Tax Gain
Term Equity Fund (Direct Relief 96 (Direct Plan - scheme
Fund(Direct Plan - Fund (Direct Growth) (Direct Plan -
Plan -Growth) Growth) Plan - Growth)
Growth)
5 Years Return 12.19% 10.56% 5.7% 7.24% 12.53%
Jension’s Alpha
-0.09% 2.47% -8.41% -0.37% 2.13%
Beta
0.94% 0.91% 0.83% 1.03% 0.92%
Sharpe Ratio
1.01% 1.17% 0.39% 1.0% 1.17%
S.D
15.5% 15.22% 14.11% 16.88% 15.28%

NAV 667.78 888.40 44.25 87.66 263.59

AUM (In.Rs Cr.) 10161.86 10178.51 13222.89 11451.4 12998.19

(Table no. 5 Equity Linked Savings Schemes fund for the selected 5 AMC’s)
 5 years Return& NAV as per 12/05/2023
 Jension’s Alpha, Beta, Sharpe Ratio, S.D ,AUM as per 30/04/2023

[22]
 20.00%

15.00%

10.00%

5.00%

0.00%
ICICI Prudential Long Term HDFC TaxSaver Fund (Direct Aditya Birla Sun Life Tax Relief Nippon Tax Saver Fund (Direct
Equity Fund(Direct Plan - Plan -Growth) 96 Fund (Direct Plan -Growth) Plan -Growth)
-5.00% Growth)

-10.00%

5 Years Return Jension’s Alpha Beta Sharpe Ratio S.D

(Graph no. 5 Equity linked saving scheme fund for the selected 5 AMC’s)

Interpretation
According to the Equity linked saving scheme that provide better return is provided by the SBI .
The HDFC having NAV is highest or better than the other funds.
The ABSL having AUM is highest or better than the other funds.
The Nippon tax saver fund beta value is higher than the others.
The Sharpe ratio is providing risk adjusted return and that is HDFC and SBI tax saver fund are preferable.

[23]
 B.DEBT FUNDS
1.Low Duration Fund
Fund Name AUM (In NAV Return(%)as on 12/05/2023
Rs.Cr.) 1Yr 3Yrs 5Yrs

ICICI Prudential
Savings Fund (Direct 17911.1 467.01 6.62 5.91 6.79
Plan –Growth)
HDFC Low Duration
Fund ((Direct Plan – 14140.58 53.10 6.60 6.09 6.86
Growth)
ABSL Low Duration
Fund(Direct Plan – 12214.58 617.33 6.74 6.02 7.09
Growth)
Nippon Low
Duration Fund(Direct 6325.39 3374.56 6.59 6.05 6.62
Plan –Growth)
SBI Magnum Low
Duration Fund(Direct 9253.51 3094.41 6.45 5.21 6.45
Plan –Growth)

(Table no. 6 Return on Debt low Duration fund for the selected 5 AMC’s)
 AUM as per 30/04/2023&NAV as per 12/05/2023

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 8

0
ICICI Prudential Savings HDFC Low Duration Fund ABSL Low Duration Nippon Low Duration SBI Magnum Low
Fund (Direct Plan – ((Direct Plan –Growth) Fund(Direct Plan – Fund(Direct Plan – Duration Fund(Direct Plan
Growth) Growth) Growth) –Growth)

Return(%)as on 12/05/2023 1Yr Return(%)as on 12/05/2023 3Yrs Return(%)as on 12/05/2023 5Yrs

(Graph no. 6 Return on Debt Low Duration fund for the selected 5 AMC’s)

Interpretation
According to the table and graph are representing that the continuously giving highly return from the last five
year provide through ABSL Low Duration fund.

The low duration fund provides the return in 6 to 12 months and the ABSL provide better return compare to
the other AMC’s.
A per unit highest NAV is Nippon low duration fund.

[25]
2.Short Duration Fund

Fund Name AUM (In Rs.Cr.) NAV Return(%)as on 12/05/2023

1Yr 3Yrs 5Yrs
ICICI
Prudential
Short Term 16488.90 55.08 8.04 7.1 8.04
Fund (Direct
Plan –Growth)
HDFC Short
Term Debt
Fund ((Direct 12127.40 27.85 6.98 6.48 7.53
Plan –Growth)
ABSL Short
Term
Opportunities 4946.70 43.33 7.35 7.46 7.84
Fund(Direct
Plan –Growth)

Nippon Short
Term
Fund(Direct 5533.28 48.25 6.97 6.47 7.52
Plan –Growth)
SBI Short Term
Debt
Fund(Direct 13216.35 27.46 6.16 5.04 6.53
Plan –Growth)

(Table no. 7 Return on Debt Short Duration fund for the selected 5 AMC’s)
 AUM as per 30/04/2023&NAV as per 12/05/2023

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 9

0
ICICI Prudential Short HDFC Short Term Debt ABSL Short Term Nippon Short Term SBI Short Term Debt
Term Fund (Direct Plan – Fund ((Direct Plan – Opportunities Fund(Direct Plan – Fund(Direct Plan –
Growth) Growth) Fund(Direct Plan – Growth) Growth)
Growth)

Return(%)as on 12/05/2023 1Yr Return(%)as on 12/05/2023 3Yrs Return(%)as on 12/05/2023 5Yrs

(Graph no. 7 Return on Debt Short Duration fund for the selected 5 AMC’s)

Interpretation
Table no. 7 and the graph are representing the short term debt fund AUM, NAV and Returns for the 1 year, 3
& 5 years.
The ICICI Prudential short term fund has the largest amount of asset under management.
The value of the net asset is ICICI short term is the high level of the value of the fund.
The highest return provides by the ICICI since last five years.

[27]
3.Ultra Short Duration Fund

Fund Name AUM (In Rs.Cr.) NAV Return(%)as on 12/05/2023

1Yr 3Yrs 5Yrs
ICICI Prudential
Ultra Short Term
Fund (Direct Plan 12645.22 25.53 6.53 5.8 6.78
–Growth)
HDFC Ultra
Short Term Fund
((Direct Plan – 13097.8 13.22 6.34 5.17 ------------
Growth)
ABSL Savings
Fund(Direct Plan
–Growth) 14524.55 474.36 6.43 5.49 6.55

Nippon Ultra
Short Duration
Fund(Direct Plan 5103.43 3776.38 6.78 7.05 5.95
–Growth)
SBI Magnum
Ultra Short
Duration 11492.60 5203.90 6.24 4.8 6.08
Fund(Direct Plan
–Growth)
(Table no. 8 Return on Debt Ultra Short Duration fund for the selected 5 AMC’s)
 AUM as per 30/04/2023&NAV as per 12/05/2023

8
7
6
5
4
3
2
1
0
ICICI Prudential Ultra Short HDFC Ultra Short Term ABSL Savings Fund(Direct Nippon Ultra Short SBI Magnum Ultra Short
Term Fund (Direct Plan – Fund ((Direct Plan – Plan –Growth) Duration Fund(Direct Plan Duration Fund(Direct Plan
Growth) Growth) –Growth) –Growth)

Return(%)as on 12/05/2023 1Yr Return(%)as on 12/05/2023 3Yrs Return(%)as on 12/05/2023 5Yrs

(Graph no. 8 Return on Debt Ultra Short Duration fund for the selected 5 AMC’s)
[28]
Interpretation
The highest AUM is having by the ABSL Savings fund and the highest per unit price or value of NAV is
having by the SBI magnum ultra-short duration fund.
The all funds are open ended and also they are given the return on the basis of the growth in the fund.

4.Mediam to Long Term Duration

Fund Name AUM (In NAV Return(%)as on 12/05/2023

Rs.Cr.) 1Yr 3Yrs 5Yrs
ICICI
Prudential
Bond Fund 2863.02 35.76 8.58 6.19 7.84
(Direct Plan –
Growth)
HDFC Income
Fund ((Direct
Plan –Growth) 611.96 54.60 8.46 5.29 6.64
ABSL Income
Fund(Direct
Plan –Growth) 1514.78 115.43 7.77 6.19 8.12
Nippon
Strategic Debt
Fund(Direct 136.69 14.18 7.03 8.9 -0.35
Plan –Growth)
SBI Income
Fund(Direct 1574.94 64.51 8.47 6.67 8.26
Plan –Growth)
(Table no. 9 Return on Debt Medium to Long Duration fund for the selected 5 AMC’s)
 AUM as per 30/04/2023&NAV as per 12/05/2023

10

-2

Return(%)as on 12/05/2023 1Yr Return(%)as on 12/05/2023 3Yrs Return(%)as on 12/05/2023 5Yrs

(Graph no. 9 Return on Debt Medium to Long Duration fund for the selected 5 AMC’s)
[29]
Interpretation
The medium to long term fund having different AMC’s schemes and in which the ICICI Prudential Bond
Fund is provide the better return from the current year and SBI Magnum Income Fund is provide better return
from the last five years.
The highest fund having by the ICICI Prudential Bond Fund is 2863.02cr.
The highest NAV having by the ABSL Income Fund is 115.43.

5.Money Market Fund

Fund Name AUM (In Rs.Cr.) Return(%)as on 12/05/2023

NAV 1Yr 3Yrs 5Yrs
ICICI
Prudential
Money Market
Fund (Direct 11787.35 327.25 6.52 5.06 6.19
Plan –Growth)
HDFC Money
Market Fund
((Direct Plan –
Growth) 15508.51 4966.29 6.55 5.15 6.33

ABSL Money
Manager 13881.49 319.08 6.65 5.23 6.41
Fund(Direct
Plan –Growth)
Nippon Money
Market
Fund(Direct 10548.41 3579.25 6.62 5.09 6.29
Plan –Growth)
SBI Savings
Fund(Direct
Plan –Growth) 19162.07 37.91 6.51 5.08 6.27
(Table no. 10 Return on Debt Money Market fund for the selected 5 AMC’s)
 AUM as per 30/04/2023&NAV as per 12/05/2023

[30]
 7

0
ICICI Prudential Money HDFC Money Market Fund ABSL Money Manager Nippon Money Market SBI Savings Fund(Direct
Market Fund (Direct Plan ((Direct Plan –Growth) Fund(Direct Plan – Fund(Direct Plan – Plan –Growth)
–Growth) Growth) Growth)

Return(%)as on 12/05/2023 1Yr Return(%)as on 12/05/2023 3Yrs Return(%)as on 12/05/2023 5Yrs

(Graph no. 10 Return on Debt Money Market fund for the selected 5 AMC’s)

Interpretation
The table no 10 and the graph are represented that the highest return given by the ABSL for the last one year
and the continuously giving a return from the last five years is the ABSL money market fund is 6.41%.
The SBI having the large no. of amount of AUM and the HDFC money market current value is bigger compare
to the other AMC's.

6.Liquid Fund

Fund Name AUM (In Rs.Cr.) NAV Return(%)as on 12/05/2023

1Yr 3Yrs 5Yrs
ICICI
Prudential
liquid Fund 42472.41 335.84 6.15 4.35 5.32
(Direct Plan –
Growth)
HDFC Liquid
Fund ((Direct
Plan –Growth) 50753.25 4458.34 6.15 4.29 5.26
ABSL
Liquid
Fund(Direct 39131.0 366.01 6.29 4.41 5.39
Plan –Growth)
Nippon Liquid
Fund(Direct
Plan –Growth) 22982.84 5550.63 6.2 4.36 5.37
SBI Liquid
Fund(Direct 60375.98 3551.34 6.16 4.33 5.28
Plan –Growth)
(Table no. 11 Return on Debt Liquid fund for the selected 5 AMC’s)
 AUM as per 30/04/2023&NAV as per 12/05/2023

[31]
 7

0
ICICI Prudential liquid HDFC Liquid Fund ((Direct ABSL Liquid Fund(Direct Nippon Liquid Fund(Direct SBI Liquid Fund(Direct Plan
Fund (Direct Plan – Plan –Growth) Plan –Growth) Plan –Growth) –Growth)
Growth)

Return(%)as on 12/05/2023 1Yr Return(%)as on 12/05/2023 3Yrs Return(%)as on 12/05/2023 5Yrs

(Graph no. 11 Return on Debt Liquid Fund for the selected 5 AMC’s)

Interpretation
According to the table no. 11 it represents the liquid fund in which the highest return given by the ABSL is
5.39% respectively for the last one year.
The SBI liquid fund has the highest AUM for this scheme.
Nippon liquid fund having a current highest NAV price or value compare to other AMC’s liquid schemes.
The investors can think about the ABSL mutual fund scheme.

[32]
 FINDINGS

 The findings of the study that the equity schemes are provide return for taking a risk and the debt
schemes provide risk free return.

 The Large-cap fund has to provide a better return. The Nippon India Large Cap Fund is 13.14% better
performance their risk and return are less than the Market value and the alpha are given a Positive
impression for the investor’s mind.

 The small cap funds the Nippon India small cap fund 17.8% gave a better return but the risk is also
high. The SBI Multicap is 14.93% providing a higher return with a higher risk and the alpha has very
far. The SBI is having 12.53% better return from the equity linked saving scheme and in this scheme
and the Nippon ELSS fund having a risk increasing compare to the other.

 The investor think about the debt schemes they are not having the risk involve in the each and every
schemes and the all schemes are open ended and growth in nature. The funds are comparing on the
basis of the return from the 1 year, 3 years and 5 years. The return are on the basis of their NAV value
and also the fund manager are having asset under management fund and the criteria of the fund for the
basis of the fund are require and depend of the fund manager invest the return are provided from the
fund.

 The fund manager are provide better return is depend on the fund manager ability and their experience
in the market and also the knowledge about the all parameters of the market. The low duration fund
ABSL are giving or providing better return from the last one year is 6.74% and the also providing good
return from the last five years compare to the other AMC’s. The short duration fund the ICICI
prudential provides better return is 8.04%.

CONCLUSION
The conclusion of the study that the Mutual Funds as an investment option have displayed growth potential
market and performed much better than the traditional market options in the long term helps investor to think
about that investment. It is the importance that investors do not make a rash decision simply by looking at the
return figures generated by an individual fund, they should compare funds based on the risk and return analysis
and find out which fund is giving better returns equivalent to the risk taken. Statistical analysis helps investors
make a correct decision looking at facts based on numbers instead of just going by their gut feeling. Also
compared to the traditional options, mutual funds provide a more professional approach towards investment
and some amount of diversification.

A thorough analysis clubbed with timely investments might prove Mutual Funds to be an excellent form of
investment. The analysis is based on not only the return but also their other instruments like Standard
Deviation, Sharpe Ratio, Beta and Alpha. The difference between the fund actual return and its expected return
is its Alpha. The comparisons of all equity and debt fund schemes the all schemes are having their own
perspective.

[33]
 Recommendation

 If investors want to invest their money with less risk they can invest in mutual fund with proper
knowledge about various funds and schemes are available in mutual fund.

 To earn maximum returns from mutual fund, the investors must have clear financial goals and decide
your risk tolerance capacity.

 Depending upon their age the investors should go for equity exposure.

 Investors should look for long term capital appreciation and invest in diverse asset class

BIBLIOGRAPHY OR REFERENCES

1. Shivam Tripathi, Dr. Gurudutta P. Japee. (March 2020). Performance Evaluation of Selected Equity
Mutual Funds in India. A Global Journal of Social Sciences .

2. Dr.K.M.Sudha, H. D. (2020). Comparative Study on Selected Mutual Fund . JETIR .

3. Dr. Nidhi Sharma, H. A. (Feb, 2019). Performance Analysis of Mutual Funds: A Comparative Study
of the Selected Hybrid Mutual Fund Schemes in India.

4. Anuja Magdum, C. G. (March 2019). A Comparative study on Mutual Fund Schemes of Selected
AMC's in India. International Journal of Trend in Scientific Research and Devfelopment(IJTSRD) .

WEBSITES
https://www.moneycontrol.com/ [ 7:30 AM ] [ 10 :00 AM ]
http://www.icicipruamc.com [ 8:00 AM,11:00 AM ]
https://www.hdfcfund.com/ [ 2 :00 PM,4:30PM ]
https://mutualfund.adityabirlacapital.com/ [6:00 PM,7:30 PM ]
https://mf.nipponindiaim.com/ [10:10 PM,12:00 PM ]
https://www.sbimf.com/ [ 7 :00 AM, 9:30 AM]
https://www.morningstar.com/[ 11:30 AM,3:40 PM]

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